{
  "docId": "019dd923-622b-71dc-a6dd-b26e417ec3c7",
  "docSlug": "fda66eac2d71",
  "documentTitle": "REIT sector (thematic)",
  "authorId": "26_Land_and_Buildings",
  "authorName": "Land and Buildings",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2021-11-01 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.7777778,
  "pageNumber": 1,
  "pageCount": 5,
  "prevPage": null,
  "nextPage": 2,
  "slideType": "key_takeaways",
  "function": "summarize",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "Includes a bar chart comparing REIT returns vs S&P 500 during four periods of sustained inflation.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "bar_chart_grouped",
    "footnote",
    "logo_grid"
  ],
  "metadataConfidence": 1,
  "imagePath": "https://imgproxy.kitesheet.com/r2Oeica2a6V5v30G9zBno7MquWRpi8UqKGrhTpaZBeE/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mZGE2NmVhYzJkNzEvcDAwMS5wbmc",
  "slideHref": "/slides/019dd923-622b-71dc-a6dd-b26e417ec3c7/1",
  "deckHref": "/decks/019dd923-622b-71dc-a6dd-b26e417ec3c7",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dd-b26e417ec3c7.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dd-b26e417ec3c7#slide-1",
  "components": [
    {
      "bbox": {
        "h": 0.6,
        "w": 0.2,
        "x": 0.75,
        "y": 0.25
      },
      "kind": "callout",
      "text": "KEY POINTS: Public real estate can be an effective inflation hedge, but investors need to choose wisely...",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "27fb3167-5ef4-413d-bd17-dce4867f39db",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "In our view, residential, self-storage and warehouses provide attractive inflation hedges, while office and net lease real estate are likely to be poor stores of wealth amid high inflation.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-78b8-76f8-9f0d-ffd3c5547a99",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.65,
        "x": 0.06,
        "y": 0.76
      },
      "kind": "chart",
      "text": "REITS GENERATED OUTSIZED RETURNS WHEN INFLATION SEES SUSTAINED RISE",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9cdeeb59-956a-41e1-a216-84d401aded1f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "total return: 43%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-78b8-76f8-9f0e-033dc85af65a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.65,
        "x": 0.06,
        "y": 0.28
      },
      "kind": "paragraph",
      "text": "Last month the price consumers paid for goods and services increased by 6.2% compared to a year ago...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "57aad45a-ddb5-40d0-9ab8-b6ed3a064212",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.65,
        "x": 0.06,
        "y": 0.45
      },
      "kind": "paragraph",
      "text": "Real estate offers investors protection, as rents are reset to higher market levels...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9003227b-a0ab-4e28-b49b-9cbaec19b446",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.06,
        "y": 0.66
      },
      "kind": "paragraph",
      "text": "REIT stocks have historically posted outsized returns during periods of rising inflation...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "da275c04-d520-4a82-ae29-d5cd16a1f8b0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.65,
        "x": 0.06,
        "y": 0.13
      },
      "kind": "title",
      "text": "Not All Real Estate is an Inflation Hedge",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "74d2cbcb-e4c0-4420-9881-3f932f6da47f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.65,
        "x": 0.06,
        "y": 0.62
      },
      "kind": "title",
      "text": "Real Estate Stocks Outperform as Inflation Accelerates",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d86176f8-5f11-433f-9583-418a68b01bf5",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 1,
      "from": 1,
      "beatId": "feaa22b3-950b-4e40-9c06-8e3637fb87ec",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Problem (Identify pain)",
      "beatSlug": "problem-agitate-solution-problem-identify-pain",
      "evidence": "The document starts by highlighting the importance of finding effective inflation hedges.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [
    {
      "to": 1,
      "from": 1,
      "name": "Voice Of Customer",
      "slug": "51-voice-of-customer",
      "bestFor": "Product strategy, customer experience, market research",
      "matchId": "a2d28a95-17b1-4142-a11d-cfe307540473",
      "evidence": "The document starts by highlighting the importance of finding effective inflation hedges for investors.",
      "position": 1,
      "objective": "Understand the needs of investors seeking inflation hedges",
      "structure": "What Customers Say (Verbatim) -> The Pattern Across Voices -> The Insight -> The Response",
      "confidence": 0.6,
      "description": "Let customer quotes and feedback drive the narrative and validate the insight"
    }
  ],
  "imagePathAlt": "https://imgproxy.kitesheet.com/hTmRtml5h4GBLODWtinNwbqpoW19joE130H8K4MALa4/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mZGE2NmVhYzJkNzEvcDAwMS5qcGc",
  "thumbSrc": "https://imgproxy.kitesheet.com/O4Uaw1-mBTcszQw2wkj5jJOumhS6suF0emuIaH6neuQ/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mZGE2NmVhYzJkNzEvcDAwMS5wbmc",
  "thumbSrcAlt": "https://imgproxy.kitesheet.com/k5_XA7ZQFUzgOG1bfUN9JRfqPdUuTbxowUvE0YW7Bz0/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mZGE2NmVhYzJkNzEvcDAwMS5qcGc"
}